Kazakhstan’s economic growth to strengthen to 4.9% in 2017 – World Bank


Kazakhstan's economic growth to strengthen to 4.9% in 2017 - World BankThe World Bank released its latest Global Economic Prospects report on Wednesday.

According to the report, developing countries will face a series of tough challenges in 2015. They are likely to be squeezed by higher borrowing costs and a new era of lower commodity prices.

In Kazakhstan, growth is projected to decline to 1.7 percent in 2015 as production delays in the Kashagan oil field persist, but strengthen to an average of 3.5 percent in 2016-17.

Lower oil prices are expected to result in a current account deficit in 2015, for the first time since 2009.

In South Caucasus and Central Asia, including Kazakhstan, growth is expected to bottom out in 2015 and gradually strengthen to 2.9 percent and 4.9 percent in 2016-17, respectively, as conditions in the regions normalize.